Globalisation in the Time of Coronavirus

or One Hundred Years of Solitude for New Zealand?

Abstract

This article considers the effects that the Covid-19 pandemic may have on those aspects of international commerce and trade that are most relevant to New Zealand’s economic future. It covers changes to international political economy and the likely impacts of the huge international policy response. Businesses are starting to trade differently, people no longer cross borders so freely, there is changed use of technology, there are challenges for the financial sector, and governments are taking on new roles and issuing huge amounts of debt. Bilateral trade tensions are becoming more acute. People are going to have to live through disruption and pay for this pandemic.